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The October 15th Tax Deadline is Approaching

According to the IRS there were over 13 million American taxpayers who requested for more time to file 2014 income tax returns. October 15, the deadline to file taxes for income generated last year after receiving the extension, is less than two weeks away but the return can be submitted anytime before then.

You are still able to use IRS freefile to submit your taxes electronically. Taxpayers whose income was less than $60,000 in 2014 can use the software to file the federal, and some state taxes, for free. The software walks you through typical scenarios that could affect how much you owe and fills out all appropriate forms for you. It then delivers the information to the IRS electronically. One main advantage of the electronic filing is that you get a swift confirmation that your return was received and accepted, or rejected, by the IRS. If you expect to get a refund, you can select a direct deposit and receive money in your account in as little as 21 days. The freefile option is available only until October 15.

If you owe taxes to the government but don’t have enough money to pay your obligations file your taxes anyways. You should make any payment, even if relatively small to what you owe. Remember that the IRS is charging you fees on the amount you owe and you may be charged failure-to-file penalties. Filing taxes and making a payment helps you avoid those penalties. Once you file, contact the IRS and negotiate a payment plan.